B+B

Our firm services clients on a range of financial avenues towards pursuing the Financial Stability, Establishing or Continuing Family Legacies and striving to achieve the American Dream in the following areas:

 

Business Transactions

Business Transactions
Business formation is one of the first steps to establish a new company. To incorporate your business, you should first decide the type of business structure.

Types of business structures are:
•    Sole Proprietorship
•    Partnership
•    Limited Liability Company
•    Corporation
•    Non-Profit Organization (NPO)

Sole Proprietorship is a business form that operates as a business. The sole proprietorship is not a legal entity. It refers to a person who owns the business and is personally liable for the business debts.

Partnership is a business formation that operates with two or more individuals who shares management responsibilities, profits and losses. There are two types: a general partnership and a limited partnership. A general partner is subject to unlimited personal liability for the debts of the business. A limited partner is only jointly and severable liable for the debts of the business.

A Limited Liability Company (LLC)combines the limited liability of a corporation with tax efficiency and operational flexibility. LLC is a form of corporate entity that has its own a tax identification number, which can be used to open a bank account and conduct business separate from the members of the LLC.

Corporation is a company or a group of people authorized to act as a single entity. There are two types: C Corporation and S Corporation. C Corporation is a business entity that can have an unlimited number of shareholders. S Corporation must have no more than 100 shareholders and must have at least one class of stock.

Non-Profit Organization (NPO) is a business similar to a corporation that is granted tax-exempt status by the Internal Revenue Services (IRS).

If you’re ready to structure your business, we can walk you through the steps. 

Bankruptcy


Filing bankruptcy can help a person by wiping away debt or planning to repay debts. All bankruptcy cases are handled in federal courts under rules outlined in the U.S. Bankruptcy Code.There are different types of bankruptcies, which are usually referred to by their chapter in the U.S. Bankruptcy Code.

Chapter 7 Bankruptcy
To qualify for a chapter 7 case, the debtor may be an individual, a partnership, or a corporation or other business entity subject to the means test irrespective of the amount of the debts or whether the debtor is solvent or insolvent. One of the primary purposes of bankruptcy is to discharge certain debts to give a debtor a “fresh start.”

               Typical Steps of a Chapter 7 Bankruptcy Case:

(1) A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed
by an individual, spouses, or a business entity. Filing a petition “automatically stays” collection actions against the
debtor.
(1) Necessary Documents for the Chapter 7 Trustee:
a. A certificate of credit counseling and a copy of any debt repayment plan developed through credit
counseling;
b. A copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the
case (including tax returns for prior years that had not been filed when the case began);
​                              c. Pay Stubs, received 60 days before filing;
d. A statement of monthly net income; and
e. A record of any interest that the debtor has in federal or state qualified education or tuition accounts.
(2) Documents filed with the Court:
a. Petition;
b. Schedules of assets and liabilities;
c. Schedule of current income and expenditures;
d. Statement of financial affairs; and
e. Schedule of executory contracts and unexpired leases.
(2) Pay the court filing fee of approximately $335 to be paid to the clerk of the court upon filing. However, with a court
order, the debtor may pay in installments.
(3) Between 21 and 40 days after the petition is filed, the case trustee will hold a meeting of creditors.
(4) 60 days after the meeting of creditors, a discharge will be entered releasing the debtor from personal liability of the
qualified debts.

Chapter 13 Bankruptcy
​        
A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts over three to five years. The debtor may use a chapter 13 proceeding to save their home from foreclosure.

To qualify for a Chapter 13 case, an individual debtor, even if self-employed or sole proprietor, have unsecured debts that are less than $394,725 and secured debts that are less than $1,184,200. This numbers were found on the US Bankruptcy Court’s website. The amounts may adjust and change periodically.

                Typical Steps of a Chapter 13 Bankruptcy Case:

(1) A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be
filed by an individual, spouses, or a business entity. Filing a petition “automatically stays” collection actions against the
debtor. Chapter 13 also contains a special automatic stay provision that protects co-debtors.
(1) Documents to Gather at home:
a. A list of all creditors and the amounts and nature of their claims;
b. The source, amount, and frequency of the debtor’s income;
c. A list of all of the debtor’s property; and
d. A detailed list of the debtor’s monthly living expenses, i.e., food, clothing, shelter, utilities, taxes,
transportation, medicine, etc.***Married individuals must gather this information for their spouse
regardless of whether they are filing a joint petition, separate individual petitions, or even if only one
spouse is filing.***

(2) Necessary Documents for the Chapter 13 Trustee:
a. A certificate of credit counseling and a copy of any debt repayment plan developed through credit
counseling;
b. A copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the
case (including tax returns for prior years that had not been filed when the case began);
c. Pay Stubs, received 60 days before filing;
d. A statement of monthly net income; and
e. A record of any interest that the debtor has in federal or state qualified education or tuition accounts.

(3) Documents filed with the Court:
a. Petition;
b. Schedules of assets and liabilities;
c. Schedule of current income and expenditures;
d. Statement of financial affairs; and
e. Schedule of executory contracts and unexpired leases.
(2) Pay the court filing fee of approximately $310 to be paid to the clerk of the court upon filing. However, with a
court order, the debtor may pay in installments.
(3) The debtor must file a repayment plan with the petition or within 14 days after the petition is filed. A plan must be
submitted for court approval providing for payments of fixed amounts to the trustee on a regular basis, typically
biweekly or monthly. The trustee will then distribute the funds to creditors according to the terms of the plan.
(4) Within 30 days of filing the petition, the debtor must start making plan payments to the assigned trustee.
(5) Between 21 and 50 days after the petition is filed, the case trustee will hold a meeting of creditors.
(6) No later than 45 days after the meeting of creditors, the bankruptcy judge must hold a confirmation hearing and
decide whether the plan is feasible and meets the standards for confirmation set forth in the Bankruptcy Code.
(7) If the court confirms the plan, the chapter 13 trustee will distribute funds received under the plan “as soon as is
practicable.” If the court declines to confirm the plan, the debtor may file a modified plan.
(8) A chapter 13 debtor is entitled to a discharge upon completion of all payments under the chapter 13 plan.